# Table 13: Pre vs Post-GFC — Gross Positions

| Variable | Pre-GFC: gross_assets | Pre-GFC: gross_liab | Pre-GFC: gross_ifi | Pre-GFC: ca | Post-GFC: gross_assets | Post-GFC: gross_liab | Post-GFC: gross_ifi | Post-GFC: ca |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|
| Z_1 | -380.9071* | -1.7954 | -382.7025 | 5.9954 | 310.2492 | 281.5310 | 591.7802 | 8.3408 |
| | (226.2465) | (190.4353) | (378.0302) | (17.9736) | (518.4371) | (494.5138) | (979.0617) | (17.2895) |
| Z_2 | 79.1441** | 10.8958 | 90.0399 | -0.4714 | -19.2780 | -12.3426 | -31.6206 | -0.8938 |
| | (35.7448) | (30.0870) | (59.7252) | (2.7433) | (75.4681) | (71.9856) | (142.5204) | (2.5380) |
| Z_3 | -3.6282** | -0.5669 | -4.1951* | 0.0033 | 0.4532 | 0.0373 | 0.4905 | 0.0273 |
| | (1.5243) | (1.2830) | (2.5470) | (0.1133) | (3.0317) | (2.8918) | (5.7253) | (0.1018) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|
| Dep var | gross_assets_gdp | gross_liab_gdp | gross_ifi | ca_gdp | gross_assets_gdp | gross_liab_gdp | gross_ifi | ca_gdp |
| N | 2629 | 2629 | 2629 | 2512 | 1590 | 1590 | 1590 | 1580 |
| R² | 0.1296 | -0.0260 | 0.0295 | 0.1485 | 0.0513 | 0.0735 | 0.0671 | 0.2964 |
| Countries | 164 | 164 | 164 | 159 | 160 | 160 | 160 | 160 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*